The Government will deliver a surplus in the next Budget beyond that yielded during 2024-25, the Premier told MPs yesterday.

David Burt also said in the House of Assembly that the island was on track for a balanced Budget for the 2025-26 fiscal year,

Last year legislators debated a motion enabling Mr Burt, the Minister of Finance, to tap into the Government’s Consolidated Fund, reflecting a strong fiscal performance.

The withdrawals were not to exceed 25 per cent of total expenditure authorised by the Appropriation Act for the fiscal year 2024-25, to meet expenditures required for government services.

The motion, which was approved by Parliament, enables the withdrawals to take effect from April 1 for a period not exceeding four months, or until the coming into operation of the Appropriation Act 2025.

The Budget is typically presented in February.

However, Section 96 of the Bermuda Constitution Order 1968 outlines how the Government should handle the dissolution of the legislature “less than three months before the commencement of any financial year”.

It states that any new Budget estimates can be laid before the House of Assembly “as soon as practicable after the commencement of that year”.

The reading of the Budget Statement is set for May 2 and Mr Burt told the House that he was ready to “debate facts” when the Budget goes before the House.

However, Douglas De Couto, the Shadow Minister of Finance, criticised the Government for not passing the Budget “on time”.

He said: “We’ve been asked to do something that has never been done before.

“Not once in Bermuda’s political history has a government failed to pass a Budget on time.”

Dr De Couto deemed the delay “unprecedented”.

Jason Hayward, the Minister of Economy and Labour, defended the delay, saying that in the wake of the General Election in February, there had been a reorganisation of ministries and government agencies.

He said such reorganisation required proper budgeting, noting that legislators would have a chance to iron out the process in full this May.

Responding to Dr De Couto’s contention that there had been sufficient time for the crafting of the Budget, Mr Burt said the ministries and agencies under their umbrella had prepared the allocations and that the submissions were made before the General Election.

In a back-and-forth with Dr De Couto, the Premier assured the House he was “ready to debate facts” in the Budget debate.

Mr Burt noted too that the House would be given full oversight of any withdrawal from the Consolidated Fund.

He added that the Government was “bound by law” to follow the Bermuda Constitution in undertaking its legislative mandate.